An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal control is functioning as designed. c. Provides only a limited assurance that the financial statements are fairly presented. d. Is substantially more in scope than a compilation

An accountant who reviews the financial
statements should issue a report stating that
a review
a. Is substantially less in scope than an
audit.
b. Provides negative assurance that the
internal control is functioning as
designed.
c. Provides only a limited assurance that
the financial statements are fairly
presented.
d. Is substantially more in scope than a
compilation
by

1 Answer

Answer :

Is substantially less in scope than an
audit.
by

Related questions

Internal auditors review the adequacy of the company's internal control system primarily to a. Help determine the nature, timing, and extent of tests necessary to achieve audit objectives. b. Determine whether the internal control system ensures that financial statements are fairly presented. c. Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically. d. Ensure that material weaknesses in the system of internal control are corrected

Description : Internal auditors review the adequacy of the company's internal control system primarily to a. Help determine the nature, timing, and extent of tests necessary to achieve audit objectives. b. ... and economically. d. Ensure that material weaknesses in the system of internal control are corrected

Last Answer : Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically.

A review of a company's financial statements by a CPA firm: a. Is similar in scope to an audit and adds similar credibility to the statements. b. Is significantly less in scope than an audit and results in a report which provides positive assurance, although not absolute assurance. c. Concludes with the issuance of a report expressing the CPA's opinion as to the fairness of the financial statements. d. Is designed to provide only moderate assurance

Description : A review of a company's financial statements by a CPA firm: a. Is similar in scope to an audit and adds similar credibility to the statements. b. Is significantly less in scope than an ... s opinion as to the fairness of the financial statements. d. Is designed to provide only moderate assurance

Last Answer : Is designed to provide only moderate assurance

Each page of the financial information compiled by the accountant should include the following reference, except a. "Unaudited" b. "Compiled, Negative Assurance Expressed" c. "Compiled without Audit or Review" d. "Refer to Compilation Report

Description : Each page of the financial information compiled by the accountant should include the following reference, except a. "Unaudited" b. "Compiled, Negative Assurance Expressed" c. "Compiled without Audit or Review" d. "Refer to Compilation Report

Last Answer : "Compiled, Negative Assurance Expressed"

The procedures employed in doing compilation are: a. Designed to enable the accountant to express a limited assuranceb. Designed to enable the accountant toexpress a negative assurancec. Not designed to enable theaccountant to express any form ofassuranced. Less extensive than review proceduresbut more extensive than agreed-uponprocedures

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Last Answer : Not designed to enable the accountant to express any form of assurance

A typical objective of an operational audit is to determine whether an entity's a. Internal control structure is adequately operating as designed b. Operational information is in accordance with generally accepted accounting principles. c. Specific operating units are functioning efficiently and effectively d. Financial statements present fairly the results of operations

Description : A typical objective of an operational audit is to determine whether an entity's a. Internal control structure is adequately operating as designed b. Operational information is in ... are functioning efficiently and effectively d. Financial statements present fairly the results of operations

Last Answer : Specific operating units are functioning efficiently and effectively

Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Description : Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Last Answer : Audit

The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of report. c. State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

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Last Answer : State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly.

Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA provides the recipients of the report limited assurance as to reasonableness of the assertion(s) presented in the financial information. c. The report states that the auditor has not recognized any basis that requires revision of financial statements. d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Description : Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA ... . d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Last Answer : The report is restricted to those parties who have agreed to the procedures to be performed

Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Description : Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Last Answer : Assurance services

A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Description : A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Last Answer : Future improvements to accomplish management’s goals.

A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.

Description : A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.

Last Answer : Compilation engagements.

When an accountant performs more than one level of service, he generally should issue a report that is appropriate for: a. The lowest level of service rendered. b. A compilation engagement. c. The highest level of service rendered. d. A review engagement

Description : When an accountant performs more than one level of service, he generally should issue a report that is appropriate for: a. The lowest level of service rendered. b. A compilation engagement. c. The highest level of service rendered. d. A review engagement

Last Answer : The highest level of service rendered.

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Last Answer : Compile financial statements

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

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Last Answer : Compile financial statements.

Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Description : Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Last Answer : Review

Positive assurance is expressed through: a. Attestation b. Declarationc. Conclusiond. Stating whether anything has come tothe auditor's attention that indicates thatthe financial statements are notpresented fairly

Description : Positive assurance is expressed through: a. Attestation b. Declaration c. Conclusion d. Stating whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly

Last Answer : Attestation

An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standardsb. Specific operating units arefunctioning economically andefficiently.c. Financial statements present fairly theresults of operations.d. Internal control is adequatelyoperating as designed

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Last Answer : Specific operating units are functioning economically and efficiently

You own Dude, Inc., which manufactures wooden tables. You need to hire some accountants to prepare your monthly financial statements. The preparation of your financial statements is referred to as a(n) a. Audit. b. Review. c. Compilation. d. Special report

Description : You own Dude, Inc., which manufactures wooden tables. You need to hire some accountants to prepare your monthly financial statements. The preparation of your financial statements is referred to as a(n) a. Audit. b. Review. c. Compilation. d. Special report

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The Philippine Standards on Assurance Engagements (PSAEs) are to be applied in a. The audit or review of historical financial information. b. Assurance engagements dealing with historical financial information. c. Compilation engagements and agreements to apply agreed-upon procedures to information. d. Assurance engagements dealing with subject matters other than historical financial information.

Description : The Philippine Standards on Assurance Engagements (PSAEs) are to be applied in a. The audit or review of historical financial information. b. Assurance engagements dealing with ... information. d. Assurance engagements dealing with subject matters other than historical financial information.

Last Answer : Assurance engagements dealing with subject matters other than historical financial information.

For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements

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Last Answer : Audit engagements

For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements.

Description : For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements.

Last Answer : Audit engagements.

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, may issue a review report. b. Not independent and, therefore, may not issue a review report. c. Not independent and, therefore, may not be associated with the financial statements. d. Not independent and, therefore, may issue a review report, but may not issue an auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: a. A measure of management performance in meeting organizational goalsb. The results of internal examinations of financial and accounting matters to a company's top-level management. c. Aid to the independent-auditor, who is conducting the examination of the financial statements. d. A means of assurance that internal accounting controls are functioning as planned.

Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned

Last Answer : A measure of management performance in meeting organizational goals

The type of assurance that is provided by the CPA on a compilation report is: a. Limited assurance. b. No assurance. c. Low assurance. d. Negative assurance

Description : The type of assurance that is provided by the CPA on a compilation report is: a. Limited assurance. b. No assurance. c. Low assurance. d. Negative assurance

Last Answer : No assurance

The type of assurance that is provided by the CPA on a compilation report is: a. Limited assurance. b. No assurance. c. Low assurance. d. Negative assurance.

Description : The type of assurance that is provided by the CPA on a compilation report is: a. Limited assurance. b. No assurance. c. Low assurance. d. Negative assurance.

Last Answer : No assurance

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus on providing assurance on the assertions contained in the financial statements of a public company. c. Review engagements focus on providing advice in a three-party contract. d. Review engagements focus on providing limited assurance on financial statements of a private company

Description : Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus ... d. Review engagements focus on providing limited assurance on financial statements of a private company

Last Answer : Review engagements focus on providing limited assurance on financial statements of a private company

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance.

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... . d. The procedures performed do not enable the accountant to express any form of assurance.

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... form. d. The procedures performed do not enable the accountant to express any form of assurance

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information.

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by attesting to the fairness of the client's assertions. d. A review provides positive assurance by attesting the reliability of the client's assertions

Description : Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by ... d. A review provides positive assurance by attesting the reliability of the client's assertions

Last Answer : Accounting services do not provide attestation

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, mayissue a review report.b. Not independent and, therefore, may notbe associated with the financialstatements.c. Not independent and, therefore,may not issue a review report.d. Not independent and, therefore, mayissue a review report, but may not issuean auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

An independent audit aids in the communication of economic data because the audit a. Lends credibility to the financial statements. b. Confirms the accuracy of management's financial representation. c. Guarantees that financial data are fairly presented. d. Assures the readers of financial statements that any fraudulent activity has been corrected

Description : An independent audit aids in the communication of economic data because the audit a. Lends credibility to the financial statements. b. Confirms the accuracy of management's financial representation. ... . d. Assures the readers of financial statements that any fraudulent activity has been corrected

Last Answer : Lends credibility to the financial statements.

Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy of the financial statements. c. The company preparing the statements may have a vested interest in reporting certain results. d. An independent audit is designed to search for deficiencies in the company's internal control

Description : Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy ... . An independent audit is designed to search for deficiencies in the company's internal control

Last Answer : The company preparing the statements may have a vested interest in reporting certain results.

Which of the following statements about independent financial statement audit is incorrect? a. The term "scope of the audit" refers to audit procedures deemed necessary ithe circumstances to achieve the objective of the audit. b. The auditor's opinion enhances the credibility of the financial statements. c. The phrase used to express the auditor's opinion is "present fairly, in all material respects". d. The risk that the auditor will fail to uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.n

Description : Which of the following statements about independent financial statement audit is incorrect? a. The term "scope of the audit" refers to audit procedures deemed necessary in the circumstances ... uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.

Last Answer : The risk that the auditor will fail to uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.

Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations othe company. b. It concentrates on implementing financial and accounting control in a newly organized company. c. It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls. d. It attempts and is designed to verify the fair presentation of a company's results of operations.f

Description : Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations ofthe company. b. It ... attempts and is designed to verify the fair presentation of a company's results of operations.

Last Answer : It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls

The level of assurance provided by a professional accountant on an audit report is: a. Low b. Reasonable c. Moderate d. None

Description : The level of assurance provided by a professional accountant on an audit report is: a. Low b. Reasonable c. Moderate d. None

Last Answer : Reasonable

The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the bureau of internal revenue. d. Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Description : The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the ... him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Last Answer : Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of attaining the entity's operational objectives. c. Make recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Description : A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of ... recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Last Answer : Make recommendation for improving performance

What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal control. b. Assume responsibility for assuring that the entity complies with applicable laws and regulations. c. Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported. d. Design the audit to provide reasonable assurance that the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Description : What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal ... the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Last Answer : Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported.

Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Description : Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Last Answer : Assurance services.

A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Last Answer : A compilation used only by management.

A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An auditb. A review. c. A compilation used only by management. d. An audit of prospective financial information..

Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information.

Last Answer : A compilation used only by management.

The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Description : The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Last Answer : All services that fall under the AASC's engagement standards.

Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Description : Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Last Answer : Management consulting.

The following are assurance engagements except a. Tax consulting b. Financial statements audit c. Review of financial statements d. Information system reliability services

Description : The following are assurance engagements except a. Tax consulting b. Financial statements audit c. Review of financial statements d. Information system reliability services

Last Answer : Tax consulting

A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Description : A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Last Answer : The quantity and type of evidence obtained